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The Federal Insurance Office has appointed 15 members of the Federal Advisory Committee on Insurance. The selection consists of insurance regulators, executives, consumer advocates and academics. "These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience. I'm pleased that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work," said FIO Director Michael McRaith.

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The Federal Insurance Office needs to explain why it has failed to send Congress reports as mandated under the Dodd-Frank Act, Rep. Randy Neugebauer, R-Texas, wrote in a letter to FIO Director Michael McRaith. A report on modernization of insurance regulation was due in January 2012. "While I have no reason to question the professionalism of the personnel at FIO, this pattern of disregard for statutorily imposed deadlines for reporting to Congress, without any explanation for the delays, is troubling," Neugebauer wrote.

Federal Insurance Office Director Michael McRaith is optimistic that an overdue report on modernizing insurance regulation could arrive as early as two weeks from now, according to state regulators who attended a closed meeting with McRaith. The National Association of Insurance Commissioners has been working to enhance oversight of insurers' use of captives, said NAIC CEO Ben Nelson. The issue is expected to be a major focus of the FIO.

The snowstorm this past weekend was designated a catastrophe in New Jersey and five other Northeastern states by Property Claims Service of Verisk Analytics after insured losses reached more than $25 million for each state. "Numerous claims will not be reported right away since a significant number of homeowners and businesses have other pressing matters to address. In addition, claim adjusters may not be able to access some areas until obstacles are removed and utility wires are safely repaired," the group said.

The program business insurance sector is "growing and vibrant" despite the weak economy and continuing soft market conditions, according to a study by Advisen and the Target Markets Program Administrators Association. The sector, which has an estimated 1,500 individual programs and 750 program administrators, has posted $17.5 billion in premiums, the study found.

A majority of companies in an international poll said they experienced at least one supply-chain disruption this year, according to a survey by Zurich Financial Services Group and the U.K. Business Continuity Institute. More than half of the respondents cited adverse weather as the cause of the disruption, while 40% of disruptions started below the original supplier, the survey found.